By Deborah Christopher
In compliance with Supreme Court order, Nigerian banks resumed issuance of Old N500, N1,000 notes.
The move followed a Supreme Court judgement, which extended the validity of the banknotes till December 31, 2023.
In another development, the Central Bank of Nigeria (CBN), on Monday, disclosed that total repayments under its Anchor Borrowers’ programme (ABP) stood at N503 billion, representing 52.39 per cent of total exposure.
On the issuance of the old banknotes to customers, it was gathered that the absence of a statement by either President Muhammadu Buhari or the apex bank has resulted in uncertainty, as businesses in Abuja and other places continued to reject the old denominations.
Since the Supreme Court’s ruling, no further clarification or directive had been issued by the central bank, a situation that has caused the banking public to take precaution with regard to the old notes.
However, further learnt that some GTBank and Access Bank branches paid out the old banknotes in Abuja. In Lagos, it was gathered that Sterling Bank and Access Bank at Iyana Ipaja loaded the old N1000 and N500 notes on their ATMs and people were withdrawing them.
However, scarcity of cash remained evident across the Federal Capital Territory (FCT), as practically none of the Point of Sale (POS) agents had cash at the time of the check.
Addressing journalists in Abuja, CBN’s acting Director, Corporate Communications Department, Dr. Abdulmumin Isa, added that the balance of N 119 billion was not due for repayment.
“The CBN remains committed to its development mandate of stimulating access to finance for the real sector, particularly agriculture, as it continues to support the federal government’s drive for food security and economic growth.
“Accordingly, the CBN continues to welcome applications from eligible Nigerian farmers and firms under the Anchor Borrowers.”
